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Nvidia "picked up" laid-off Intel employees - and some will receive 30% higher cash compensation

Nvidia "picked up" laid-off Intel employees - and some will receive 30% higher cash compensation
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Intel is currently facing one of the largest crises in its 50-year history, prompting the company to announce layoffs affecting thousands of employees—some of whom have already been recruited by Nvidia.

Reports indicate that at least 30 laid-off employees from Intel in Israel will join Nvidia's offices in Yokne'am and Tel Aviv as early as 2024—all possessing between 10 to 20 years of experience. These include software developers specializing in chip design, hardware architecture experts, and engineers involved in developing core processors.

They have been offered more attractive compensation packages: according to the site levels.fyi (via tech4gamers), starting salaries for junior hardware engineers at Nvidia are around $150,000 per year ($12,600 per month), which is 33% higher than the average starting salary at Intel. Additionally, Nvidia will provide an annual stock options package valued at $15,000, while Intel's hardware engineers receive a package worth $5,200.

Most employees have joined Nvidia in recent months—with a significant surge occurring in October. Some are also moving to work at Apple, Amazon, and Intel's subsidiary Mobileye, with a slightly smaller percentage heading to Google, Microsoft, and Huawei.

The crisis at Intel, besides causing layoffs, has prompted the company to consider splitting its chip manufacturing and design departments, as well as pausing the construction of some factories. There were also rumors of a potential acquisition by Qualcomm. It's worth noting that back in 2020, Intel's market valuation reached $290 billion, whereas this year the company's stock has plummeted by a staggering 60%.

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